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Newcastle LNG developer secures partnership with Hyundai LNG to advance FSRU projects

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LNG Industry,

EPIK Co. Ltd – an LNG project development company – has announced that it has signed a strategic partnership agreement with Hyundai LNG Shipping Co. Ltd.

According to the statement, the agreement lays out a framework for the two companies to work together in the development of FSRU projects across the world, including, but not limited to, EPIK’s recently announced Newcastle LNG floating storage and regasification unit (FSRU) import project at the Port of Newcastle in Australia.

Jee Yoon, EPIK’s Founder and Managing Director, said, “Partnering with Hyundai LNG Shipping marks a key strategic milestone for EPIK, contributing significant expertise and support to the advancement of our flagship Newcastle LNG project.”

KyuBong Lee, Hyundai LNG Shipping President and CEO, added: “EPIK has identified a significant opportunity for the NSW market with the Newcastle LNG project.

“We are thrilled to be partnering with EPIK at this critical stage of the company’s growth and look forward to building a strong and lasting relationship that will benefit all parties involved.”

In December last year, EPIK publicly announced its Newcastle LNG project at the Port of Newcastle. The hub is critical to NSW’s future security and reliability of gas supply, and will include a 170 000 m3 class newbuild FSRU and associated onshore infrastructure, with a combined potential investment estimated to be between US$400 million and US$430 million.

In addition to the import terminal, EPIK claims that it is looking into the possibility of additional gas related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities. EPIK expects to place an order for the FSRU newbuild with a shipyard subject to receiving regulatory approvals for the project, which the company is currently estimating to receive by early next year.

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Australia LNG news LNG import news Offshore LNG news Natural gas news